Santander’s objective to cut €1 Bn of costs in Europe in 2020-2022 facing difficulties

Banco Santander office

Norbolsa | The bank has confirmed it expects it will be difficult to reach its objective of cutting 1 billion euros of costs in Europe in the period 2020-2022. Despite the measures put in place (restructuring of the network and workforce exits), the strong uptick in inflation will act as a drag on meeting this goal, with particular impact in Spain and Poland. In spite of this, however, Santander expects to meet its objectives laid down for 2022. This is based on expectations of a better performance in the top half of the income statement as a result of the trend in interest rates.